EUROPE – Delin Capital Asset Management has acquired its first logistics property in the Netherlands following a successful €200m fundraising for its inaugural core logistics fund.
The €200m – understood to mostly come from Russian investors and family offices – will be leveraged to reach “in excess” of €400m buying power, although a statement on the fund did not offer details on the precise level of leverage.
Delin Capital also confirmed that Capital Preservation Portfolio I (CPPI) had acquired a distribution centre in the Flight Forum business park, located in the Dutch city of Eindhoven for €15m.
The property, which generates a yield of 8% and is currently let to Phillips Lighting, was sold by Cordea Savills and Vegagest on behalf if the Europa Immobiliare fund.
Christian Jamison, chief executive of Delin, said the fund was “well placed” to execute quick transactions now that it had raised the equity.
He added: “As long-term investors, we are attracted by the strengthening of occupier demand for well-located, modern logistics assets, as retailer and logistics operators continue to consolidate their supply chains to meet consumers’ growing desire for next day or, increasingly, same-day delivery of online purchases.”
Going forward, CPPI will look at properties located in the UK, the Netherlands and Belgium – specifically the ‘Golden Triangle’ in the UK, based around London and Heathrow airport, as well as Schiphol, the Rotterdam and Antwerp ports and the axis between Belgian capital Brussels and Antwerp.
Explaining its reasons for targeting properties in those markets, Delin said the regions “demonstrate defensive qualities through their potential to generate strong levels of income and above-inflation capital growth”, even when taking account of the current economic climate.